Gold futures spiked to an all-time high above $3,534/oz after reports the U.S. would impose tariffs on certain gold bars, before easing as officials signaled clarification was forthcoming. The episode underscores how fast-changing trade headlines can whipsaw bullion, miners and refiners, while raising questions about potential carve-outs and knock-on effects for import costs and ETF flows.
Source: Financial Post
Oil posts worst week since June amid geopolitics and tariff jitters
Crude wrapped up its weakest week since June as traders weighed tariff tensions and headlines around a potential Trump–Putin meeting against a softening global growth outlook. The pullback tightens the screws on energy equities and capex plans, even as U.S. inventories and OPEC+ supply moves remain key swing factors for price direction into late summer.
Source: Seeking Alpha
JPMorgan now sees four Fed cuts on the horizon, starting in September
JPMorgan’s top U.S. economist shifted to a more dovish path, anticipating four rate cuts over the forecast horizon with the first 25 bp move in September and three total in 2025. The outlook, coming as Stephen Miran is nominated to the Fed’s Board, could pressure Treasury yields and support risk assets if incoming data confirm cooling inflation and a slower labor market.
Source: MarketWatch
Ørsted weighs up to €5B rights issue to shore up balance sheet
Renewables giant Ørsted is considering a rights issue of as much as €5 billion, according to Bloomberg, to reinforce finances after offshore wind setbacks and cost pressures. Any sizable equity raise would be dilutive but could de-risk the pipeline and reset leverage, a key litmus test for capital markets’ appetite for Europe’s energy transition spend.
Source: Seeking Alpha
Plains All American to sell NGL business for $3.75B, refocus on crude
Plains All American unveiled plans to divest nearly all of its NGL assets for $3.75 billion while reaffirming 2025 adjusted EBITDA guidance of $2.8B–$2.95B. Proceeds should strengthen the balance sheet and streamline the portfolio around core U.S. crude midstream, positioning the MLP for steadier cash flow and targeted capital deployment.
Source: Seeking Alpha
Canada’s job losses boost odds of a September BoC cut
Canada shed 41,000 jobs in July, the weakest print in three years, increasing market conviction that the Bank of Canada will cut rates next month. With unemployment steady but labor conditions softening and growth cooling, the loonie faces headwinds as rate differentials narrow and households get some relief on debt servicing.
Source: Financial Post
New York faces biggest budget gap since 2009 after federal cuts
New York State’s comptroller warned of a combined $47 billion gap through FY2029 once federal reconciliation bill cuts to healthcare and food assistance are included, the largest shortfall as a share of spending since the financial crisis. Lawmakers face hard choices on spending, tax policy and program design—developments muni investors and public-service vendors will be watching closely.
Source: Crain’s New York Business
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